Senate Confirms Bernanke; 70-30 Vote

123jump.com Staff
28 Jan, 2010
New York City

The U.S. Senate confirmed the appointment of Ben S. Bernanke for the second four-year term as chairman of the Federal Reserve with the smallest margin ever. The 70-30 vote was only preceded by a 1983 vote to reconfirm Paul Volcker with 84-16 vote.

[R]4:25 PM Washington, D.C. – The U.S. Senate confirmed the appointed of Ben S. Bernanke for the second four-year term as chairman of the Federal Reserve with the smallest margin ever. The 70-30 vote was only preceded by a 1983 vote to reconfirm Paul Volcker with 84-16 vote.[/R]

The U.S. Senate confirmed in a 70-30 vote Ben S. Bernanke for the second four-year term as chairman of the Federal Reserve.

The Bernanke second term confirmation is by the smallest margin ever.

Bernanke supporters stressed on the Senate floor that he prevented a second Great Depression by increasing lending to and channeling $1 trillion to corporations and mortgage bonds markets and lowered rates to near zero.

Senator Chris Dodd of Connecticut who also chairs the Senate Banking Committee said, “Had it not been for Ben Bernanke in the chair of the Federal Reserve, I believe we’d be looking at a very different America today.”

Senate from New Jersey Robert Menendez said, “we need the wisdom of patience. Let us not judge the man or work prematurely.”

Bernanke opponents highlighted that the need for economic stimulus and direct lending programs of $1 trillion could have been all avoided if he had not kept the interest rate low in the run up to the housing bubble. Opponents identify him as one of the key intellectual architect that favored low interest rates policies during the Greenspan era.

Senator Jim Bunning of Kentucky said, “from the monetary policy to regulation, consumer protection, transparency and independence, Chairman Bernanke’s time as Fed chairman has been a failure.”

Independent Senator Bernard Sanders of Vermont said on the Senate floor, “It seems to me to be a very bad idea to reward somebody with reappointment who failed at an enormously important task which has driven this country into a severe recession so that 17% of our workforce is either unemployed or underemployed.”

No Fed chairman nominee has been rejected by the Senate and prior to the today’s vote Paul Volcker was confirmed by the Senate for a second term in 1983 by a vote of 84-16. That appointment was done by the smallest margin ever.